For all the hype and hyperbole, the S&P 500 has gained .8% a year over the past 13.5 years since this secular bear began and today once more boasts the distinction of being one of the most hideously over-valued markets in history.
Source: Cory Venable, CMT, Venable Park Investment Counsel Inc.
And as we look at the gains made in US economic leading indicators over the last 4 years compared with US stocks (that other supposedly leading indicator)…it all adds up…to a nightmare of risk for capital.
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